Ethereum

United

<p>The post <a href="https://coinpedia.org/news/xrp-news-deatons-disclosure-secs-favoritism-towards-btc-eth-over-ripple/">Is the SEC Playing Favorites with Bitcoin and Ethereum?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a series of tweets, John Deaton, a pro-XRP advocate, sheds light on potential conflicts of interest within the U.S. Securities and Exchange Commission (SEC). He specifically examines the actions of former SEC Chairman Jay Clayton and the SEC’s approach to cryptocurrencies like <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a>, <a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/">Ethereum (ETH)</a>, and <a href="https://coinpedia.org/information/xrp-ripple-price-prediction/">Ripple’s XRP</a>.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">“Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH.”<br>–<a href="https://twitter.com/bgarlinghouse?ref_src=twsrc%5Etfw">@bgarlinghouse</a> on 12-21-20<br><br>Now consider this: 2 months before that final act by Clayton, <a href="https://twitter.com/hashtag/OneRiver?src=hash&amp;ref_src=twsrc%5Etfw">#OneRiver</a> made a $1B bet on <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> &amp; <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a>, and once Clayton left the… <a href="https://t.co/7Epad3RdWH">https://t.co/7Epad3RdWH</a> <a href="https://t.co/tAqOjwpfIN">pic.twitter.com/tAqOjwpfIN</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1729871673976045851?ref_src=twsrc%5Etfw">November 29, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>As the primary regulator of U.S. financial markets, the SEC is increasingly involved in overseeing the cryptocurrency sector. Its decisions hold significant sway over market dynamics and the legal status of various digital assets.</p> 
<h2 class="wp-block-heading" id="h-ripple-s-case-a-closer-look">Ripple’s Case: A Closer Look </h2> 
<p>John Deaton points out that during Clayton’s final days in the SEC, a significant enforcement action was launched against Ripple, alleging that XRP was sold as an unregistered security. Some have criticized this move as selectively targeting Ripple while giving a <a href="https://coinpedia.org/news/ethereum-and-secs-web-of-conversations-did-eth-get-a-free-pass/">‘free pass’</a> to other cryptocurrencies like BTC and ETH.</p> 
<p>Before leaving the SEC, Clayton witnessed a substantial $1 billion investment in BTC and ETH by OneRiver, a firm he later joined. Clayton’s law firm, Sullivan &amp; Cromwell, had ties to ConsenSys and Joseph Lubin, key figures in the Ethereum ecosystem. This firm played a role in ConsenSys’ acquisition of JP Morgan’s Quorum.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/ripples-xrp-sees-whale-activity-surge-and-partnerships-growth-amid-price-fluctuations/">Ripple Sees Growth in Whale Activity &amp; Partnerships: XRP Bull Rally Near?</a></p> 
<p><strong>A Vested Interest</strong></p> 
<p>William Hinman, former Director of Corporation Finance at the SEC, admitted contacting Joe Lubin of ConsenSys to discuss ETH. Deaton suggests that Clayton’s persistent inquiries imply a vested interest.</p> 
<p>Deaton argues that if Ripple had engaged Sullivan &amp; Cromwell for representation, the lawsuit might have been avoided during Clayton’s tenure, underscoring the role of legal representation in regulatory decisions.</p> 
<h2 class="wp-block-heading" id="h-a-call-for-fair-play">A Call for Fair Play</h2> 
<p>These serious allegations raise questions about the fairness and integrity of the SEC’s regulatory actions. Deaton emphasizes that legal representation should not unduly influence decisions, advocating for a level playing field in the cryptocurrency market.</p> 
<p>Read More: <a href="https://coinpedia.org/news/xrp-lawsuit-insights-from-senior-counsel-on-ripple-vs-sec-settlement/">XRP Lawsuit: Insights from Senior Counsel on Ripple vs SEC Settlement</a></p> 
<p>The implications of these allegations are significant, casting a shadow on the SEC’s impartiality in regulating the crypto market. Ensuring a fair and transparent regulatory approach is crucial for the authorities’ credibility and the crypto market’s health.</p>

Is the SEC Playing Favorites with Bitcoin and Ethereum?

Table of Contents

CoinPedia News

Other articles published on Nov 30, 2023

Charlie Munger Passes Away: The Sharpest and Most Sarcastic Critic of Bitcoin

SoFi to Exit Crypto Business Amid Increased Regulatory Scrutiny

Dogecoin-Funded DOGE-1 Moon Mission Gets Regulatory Approval

Demand for Bitcoin Futures Surges

FTX Receives Court Approval for $873 Million Asset Sale in Bid to Repay Creditors

Blockchain Security Firm Reports Suspicious Transactions Worth $12.5 Million by Crypto Exchange

Join our free newsletter for daily crypto updates!